Is the WORST idea in the world!
Who on earth thought of this plan?!?!
So I am looking at properties here in OC now. I found a great looking place in Huntington Beach for $339,000. One bedroom condo, fully refurbished, great looking place, price reduced by $30,000.
I email the Realtor that’s selling it. She replied back:
“It is on leased land. The lease is $516.87/month and there is a cost of living increase. Every other year there is a $360.00 a year increase that stops in 2013.”
Ok, so on TOP of the paying nearly $2,000 a month for mortgage, plus taxes, plus $240/month in HOA dues, plus utilities, you have to pay $516 a month! This is the most retarded thing I have EVER heard of! How on earth are you supposed to be able to afford this shit?
A ONE BEDROOM people! This is crazy! And then what happens when the lease is up in 2013? Do they jack up the prices, can they just tell you to get out? WTF?!
These should be illegal!